'DRIVEN BY CHEAP MONEY': Expert sounds the alarm on more crypto companies collapsing.
, but cryptocurrency will remain a crucial tool for exchange funds globally, a venture capitalist told Fox News.
"Overall, I think you're going to have most things crash," said Joe Lonsdale, an investor and a co-founder of software company Palantir. Various crypto lenders, crypto tokens and other parts of the ecosystem were"a Ponzi scheme, and it made no sense whatsoever.
FTX founder Sam Bankman-Fried is facing an onslaught of legal repercussions over his involvement in the collapse of FTX.in early November after reportedly losing at least $1 billion.
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